YES! Despite the misconception that people like to spew out on forums, quality receivers from Yamaha, Denon and Pioneer Elite often outperform Separate dedicated processors in terms of processing power, bass management options, video connectivity, and often preamplifier performance. WE have for example found the Yamaha RX-V2600 and Denon AVR-5805 to have top notch preamplifier performance. To date I haven't measured a finer product, regardless of price than the AVR-5805. Its amp section is very respectable and its preamp section is simply stellar.
This explains why the 5805 is in my primary showcase system while the 2600 is used as a dedicated pre/pro in my family room system. I also use the Emotiva amp hooked to the 2600. Awesome combo that I would run away with any day of the week over most more costly separates.
Don't just assume that a dedicated pre pro has any advantages, especially in terms of performance over a well engineered receiver.
The truth of the matter is far more R&D goes into these receivers than most of the smaller audio companies could ever afford. There are quicker turn around times on receivers and they usually get the latest and greatest technology first. You also benefit from the cost savings of mass production of receivers and common circuit and parts used in a multi platform design. Unless you are spending uber bucks on a dedicated pre/pro, I would almost always opt for a mid level receiver as the pre/pro such as a Yammie 2600, Denon 2807, etc.
Consider the amp section in these receivers as a freebie to power multi zone audio or your rear effects channels. If these companies were to simply discard the amp sections and spit out a dedicated processor, it would either cost them the same or more money since they wouldn't sell as many and would have to charge more for the product!
Of course there are exceptions. If you desire a uniform look in your rack, and/or the simplicity of operation many dedicated pre/pros offer, than you may want to go the separates route. Just realize, this often doesn't guarantee better performance but almost always guarantees you to spend more money